For the third quarter in a row, the winners in the home energy market are the 1.5 million British homes using heating oil, according to data recently released by the trade association for the downstream oil distribution industry, the Federation of Petroleum Suppliers (FPS).
According to the latest figures released by the Sutherland Tables, an independent provider of comparative home heating costs for the most common fuels in the British Isles, the price of heating oil has continued to fall over the last quarter. The cost of home heating using oil is now cheaper than mains gas heating, irregardless of property or boiler type, as well as being immensely cheaper in rural areas than liquefied petroleum gas (LPG).
Home heating costs using oil have now dipped well below the 4 year average with costs now sitting at approximately 34 - 36% lower than the 4 year average, for both existing and newer build dwellings.
“Yet again this is fantastic news for homeowners who use oil to heat their homes and it’s clear that they are making the biggest savings.” says Mark Askew, Chief Executive of the FPS.
“The cost of using heating oil to heat an average 3-bed house in the UK whether new build or older using an oil condensing or oil conventional boiler is now the cheapest form of heating for this type of property and if you live in a new build 3 bed house using an oil condensing boiler you are probably spending on average approx. £150 less than those using mains gas ” explains Mark Askew.
For more information on managing your home heating using oil and to become more energy efficient, click here.